Week 19

Week 19


Property Industry:

  • July month has seen a recovery after the destruction seen in the past several weeks.
  • Registered properties for 2021 is 12% above 2019 number
  • Bank conversions ratios is the highest for July since Jan 2021
  • Average house price growth hold steady at the 8% improvement year on year

Local and International Markets:

  • The rand is marginally stronger at R14.79/$, after closing weaker on Tuesday (R14.80/$*).
  • EM currencies were mixed; the HUF (+0.9%), KRW (+0.4%) and RON (+0.2%) were amongst the biggest gainers; the CLP (-1.0%), PEN (-0.4%) and CNY (-0.4%) were amongst the biggest losers.
  • Asian equity markets the Nikkei, Hang Seng and Shanghai Composite are down.
  • The Fed’s FOMC is likely to emphasise patience on scaling back policy support later today.
  • Fed Chair Jerome Powell commented in his recent congressional testimony that the threshold for easing support “is still a way off”.
  • He noted that the US economy needs to show “substantial further progress” on inflation and employment as it recovers from the pandemic.
  • The statement is likely to continue to reflect a positive outlook for growth as well as an acknowledgement of higher inflation.
  • Powell is likely to reiterate that price gains largely reflect temporary factors.
  • The Fed funds rate is expected to remain unchanged.
  • Brent crude oil is up this week, and up by 44.4% year-to-date.
  • The gold price is up this week, and down by 4.9% year-to-date.
  • Brent crude oil is currently at $74.75/bbl; ($74.48/bbl*).
  • Gold is at $1804/oz ($1800/oz*).
  • A CDS 206bps*, higher than Brazil 176bps* and lower than Turkey 388bps*.
  • Yields: US 10yr at 1.24%*, German bund at -0.441%* and SA 10-year generic at 9.31%*, SA’s R186 at 7.30%*.

Covid19 Update:

  • Covid-19 global update: cases have surpassed 195.99 million, while the death toll has surpassed 4.19 million; recoveries are at 177.67 million.
  • The US has 35.35 million cases, accounting for 18% of global cases; the US death toll is 627,351.
  • India has 31.48 million cases and 422,054 deaths; Brazil has 19.74 million cases and 551,906 deaths.
  • The US CDC has advised vaccinated people to wear masks indoors, warning that the Delta variant can still spread among the vaccinated.
  • The UK is expected to approve tourism arrivals from the EU and US to England, provided that visitors have been fully vaccinated.
  • Sydney’s month-long lockdown will be extended by at least another month.
  • South Korea and Thailand have both reported record daily infections.
  • Globally, over 3.93 billion vaccines have been administered across 180 countries at a rate of 5.4 million doses a day.
  • Africa’s Covid-19 cases are at 6.59 million; fatalities are at 166,611.
  • Morocco has 588,448 reported cases, Nigeria 171,728, Ghana 102,103, Kenya 198,935.
  • SA has the 17th highest caseload, at 2.391 million; 7,773 new cases were reported yesterday.
  • Active cases are at 140,341; Gauteng continues to lead the way, with 29,995 active cases, followed by the Western Cape with 29,819.
  • Covid-19 deaths rose by 370 yesterday, to 70,388; 2.18 million people (or 91.2%) have recovered from the virus.
  • 62 million tests have been conducted since 5 March 2020; 36,721 tests were conducted yesterday.
  • The positivity rate is 21.2%.
  • 854 million vaccines have been administered to date; 225,808 vaccines were administered yesterday.

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